The Dow cut yesterday's gains to settle with a 449-point loss
Inflation fears and a surge in oil prices to a two-week high weighed heavily on stocks today, with the Dow shedding 449 points, while the S&P 500 and Nasdaq also gave back most of their Tuesday gains. The dip in stocks sent the 10-year Treasury yield to its highest level since May 2019, as it breached 2.41%. Plus, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- snapped its six-day losing streak. Meanwhile, investors also digested news that Ukrainian President Volodymyr Zelenskyy has called for the U.S. and other countries to put even more pressure on Russia.
Continue reading for more on today's market, including:
- The celebrity-owned beauty company prepping for its first ever fourth-quarter earnings report.
- This Tesla competitor seems haunted by it post-earnings past.
- Plus, what sank OKTA; Moderna's latest efficacy update; and Poshmark pelted with bear notes.
The Dow Jones Average (DJI - 34,358.50) lost nearly 449 points, or 0.7% for the day. Chevron (CVX) led the gainers with a 1.1% gain, while Home Depot (HD) paced laggards with a 3.9% drop.
The S&P 500 Index (SPX - 4,456.24) shed 55.4 points for the day, or 1.2%, while the Nasdaq Composite (IXIC - 13,922.60) lost 186.2 points, or 1.3% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 23.57) added 0.7 point, or 2.8% for the day.
5 Things To Know Today
- Wells Fargo (WFC) has been charged with discrimination by actor and teacher Aaron Braxton for inequity during the company's historically low interest rates in 2019. (MarketWatch)
- The first female U.S. secretary of state, Madeline Albright, has died at 84, according to a statement released by her family. (CNBC)
- A security breach sank Okta stock today.
- Moderna shared an efficacy update, though its stock sunk lower.
- Poshmark stock was pelted with bull notes after its dismal current-quarter projections.
Oil Bounds Back to 2-Week Highs
Oil prices saw a sharp rebound on Wednesday, thanks to a decline in U.S. crude, gasoline and distillate inventories. This further stoked supply shortage fears amidst the Russia-Ukraine war. For the day, April-dated crude added $5.66 or 5.2%, to settle at $114.93 per barrel, marking its highest finish since March 8.
Gold prices also bounded higher, settling at their highest level since March 17 as the Federal Reserve's recently hawkish comments continue to cast a long shadow over Wall Street, leading investors back toward the perceived haven commodity. April-dated gold added $15.80 or 0.8%, to settle at $1,937.30 per ounce for today.